Consumers won’t pay for net banking

The Australian Securities and Investments Commission (ASIC) is reviewing the Electronic Funds Transfer code of conduct. ASIC has revealed that banks will not pass the cost of online fraud to consumers and that reports that banks have lobbied ASIC to make consumers liable for online security breaches are false. ASIC runs the voluntary code which provides consumer protection in telephone, online, ATM, and eftpos transactions. The code is being reviewed to incorporate recent changes in the payment market, particularly regarding internet banking. Consumer liability is also being considered as part of the code's review, including liability in situations of incorrectly keyed account numbers resulting in an incorrect payment or loss incurred through accidentally leaving a card in an ATM.

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